Ownership changes
Big brokers' buying spree rolls on
USI Holdings Corporation (www.usi.biz) has acquired Webster Insurance, Inc., of Meriden, Connecticut, and Treadwell & Harry Insurance, LLC of Memphis, Tennessee.
Webster Insurance, which is expected to contribute approximately $26 million in revenues to USI, is being acquired from Webster Financial Corporation, the holding company for Webster Bank, N.A. Webster Insurance has offices in Connecticut, Massachusetts and Rhode Island. USI also executed a marketing agreement with Webster Bank to expand products and services to their respective clients.
Treadwell & Harry is a five-generation P-C firm founded in 1910. It will be combined with USI’s existing Memphis office.
Hilb Rogal & Hobbs Company (www.hrh.com) has acquired Talty Insurance Agency, Inc., of Denver, Colorado.
Talty Insurance Agency, founded in 1973, has more than $2.7 million in annual revenue. It offers both property/casualty and employee benefits products, with a focus on community associations, small business and personal insurance.
Talty is the third organization to join HRH’s Colorado operation in the past year; The Urman Company and Brown/Raynor Corporation were acquired in June and July 2007, respectively.
Brown & Brown, Inc. (www.bbinsurance.com), acquires the assets of Smith-Peabody-Stiles Insurance Agency, Inc., of Fenton and Brighton, Michigan.
Smith-Peabody-Stiles, founded in 1919, has annualized revenues of approximately $5 million. Jim Peabody, Jim Smith, Jeri Stiles and their staff will continue to serve clients as freestanding Brown & Brown operations.
Arthur J. Gallagher & Co. (www.ajg.com) acquired Powell Insurance Agency, Inc., of Metairie, Louisiana.
Powell Insurance Agency, Inc., doing business since 1948, offers risk management, property, casualty and employee benefit insurance services for their commercial and personal lines clients in the Gulf States. They also specialize in the public entity, restaurant, and hospitality industries.
Bennett E. Powell and his staff will continue to operate in their current location under the direction of Mitchel Brashier, Mid-South regional vice president of Gallagher’s brokerage service detail division.
Barney & Barney, LLC (www.barneyandbarney.com) of San Diego, California, and Saylor & Hill Co. (www.saylorhill.com) of Oakland, California, will combine forces.
The transaction, which is expected to close on March 31, will create an organization that employs almost 300 associates and oversees more than 25,000 client accounts, generating $62 million in annual revenue.
Both companies will retain their individual names, office locations, staffing and management, but the combined entity name will be B&B Company. A temporary Web site (www.abandbcompany.com) will include links to the current Web sites of both companies.
Barney & Barney, founded in 1909, has offices in San Diego and Orange County, California. Saylor & Hill has been doing business since 1933.
Paul Hering, CEO and managing principal of Barney & Barney, will be managing principal of the combined organization. Mike Mirsky, principal and managing director of Saylor & Hill, will be a principal and managing director of the Bay office.
Wells Fargo Insurance Services (www.wellsfargo.com) has acquired Rogers & Belding Insurance Agency, Inc., of El Paso, Texas.
Rogers & Belding, which has been in business since 1933, is El Paso’s largest insurance agency. It will continue providing business and personal insurance, employee benefits and risk management services from its single-office location.
Dave Zuercher, president and chief executive officer of Wells Fargo Insurance Services, said, “We will continue to look for agency acquisitions that fit our operating philosophy and geography, especially in the 23 states in which Wells Fargo has community banks such as Texas.”
Hub International Limited (www.hubinternational.com) acquires firms in Canada, Massachusetts and Montana.
Hub International Limited entered into an agreement with HKMB International Insurance Brokers (HKMB) of Toronto, Canada, whereby HKMB will become a new regional platform for Hub International. Hub’s Ontario revenues, once HKMB’s business is combined with Hub’s previous business in the province, are expected to exceed $100 million annually.
HKMB will continue to operate from its existing Toronto offices. Its Vancouver office will be consolidated into Hub International TOS. HKMB’s existing ownership group will continue as equity partners in the combined firm. Founded in 1888, HKMB employs 240 people.
Hub International New England (Hub New England) recently expanded its New England presence by acquiring most of the assets of Rome Insurance Agency, Inc., of Fitchburg, Massachusetts.
Rome was founded in 1939 as a family-owned business.
Hub International Transportation Services, Inc., acquired all of the assets of Lenhardt Insurance Agency of Billings, Montana.
Lenhardt, which was founded in 1963, specializes in commercial trucking insurance services.